For all of the global economic uncertainty, one thing remains constant. That’s that Bitcoin will continue to serve up some of the fastest price rises on the market. Given all of the volatility surrounding cryptocurrencies, such news shouldn’t be unexpected. But Bitcoin outdid itself in October with a staggering price rise of 30% over the month.
This comes at a time when many leading institutions are finally starting to take the cryptocurrency seriously. Such moves have been backed up by the fact that the ewallet brand PayPal decided to allow its customers to buy and sell cryptos like Bitcoin. Beyond the glowing endorsement from PayPal, several other key tech players have jumped to lend their support to the pioneering cryptocurrency.
Nowhere was this better seen that when Twitter CEO Jack Dorsey announced his intention to invest $50 million in Bitcoin. This came through Dorsey’s payments company acquiring 4,709 Bitcoin with the brand’s representatives saying that the cryptocurrency could soon become the world’s single currency.
It has already proven to be a wise investment from Dorsey as Bitcoin prices have risen by nearly one-third since he backed the cryptocurrency. What’s impressive is that Bitcoin has started moving on its own away from the standard movements of the market. For a time, Bitcoin tended to behave like tech stocks. But while tech stocks have been in decline since September, Bitcoin prices have remained buoyant.
All of which is hinting at the fact that Bitcoin might finally be ready to enter the mainstream. The cryptocurrency has experienced a tough decade of growing up in public. This has seen it hit by numerous scandals along with many copycat cryptocurrencies that have aimed to steal Bitcoin’s thunder. But with increasing signs of maturity, it seems that Bitcoin could be beyond its speculative bubble phase.
This is something that’s been reflected in the fortunes of companies that are heavily linked to Bitcoin. PayPal’s stock has grown by 88% over the past year, and much of this is thought to be down to the brand’s decision to allow its users to buy and sell popular cryptocurrencies like Bitcoin and Ethereum.
Jack Dorsey’s Square mobile wallet app has enjoyed an incredible year with its stock growing 183% in the past 12 months. Much of this has been put down to Square’s ability to give its users an easy way to trade Bitcoin.
Similarly there has been a welcome boost in stock price for Nvidia of 131% over the past year. This semiconductor company has become renowned for its uses in the processes of Bitcoin mining. It’s a similar story at Advanced Micro Devices whose CPU and GPU technology has also become popular among Bitcoin miners.
However, there are still those who are advocating caution about investing too heavily in Bitcoin. The cryptocurrency has suffered from some spectacular falls in its history, and it is still a long way off its record highs of $20,000. But on the whole, it seems that Bitcoin has become one of the safest bets on the market.